<p><a href="https://www.mid-day.com/mumbai/mumbai-news/article/rbi-restrictions-on-new-india-co-op-bank-what-happens-to-your-money-all-your-questions-answered-23483489" target="_blank" rel="none noopener"><strong>Mumbai Police&rsquo;s</strong></a> Economic Offense Wing (EOW) has launched an investigation into the alleged 'irregularities' at New India Cooperative Bank, official sources said on Friday.</p>
<p>A bank representative filed a complaint with the EOW, which was in process of recording the statements.</p>
<p>The EOW is trying to understand what went wrong and where the alleged discrepancies occurred, sources added.</p>
<p><iframe title="YouTube video player" src="https://www.youtube.com/embed/Dk9cvLwXaPs?si=rabrNv7EWpfcDApi" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>They said further <strong><a href="https://www.mid-day.com/mumbai/mumbai-news/article/explained-why-rbi-has-put-restrictions-on-new-india-co-operative-bank-23483412" target="_blank" rel="none noopener">legal action</a></strong> will be taken after the statement is recorded.</p>
<p>Meanwhile, after imposing business restrictions on the city-headquartered New India Cooperative Bank, the Reserve Bank (RBI) on Friday superseded the lender's board citing governance lapses and appointed an administrator to revive it.</p>
<p>Details of what led to the crisis at the bank started emerging on Friday, with sources blaming misappropriation of funds by some staffers. However, the amount involved and the identities of perpetrators were not immediately known.</p>
<p>Customers of the <a href="https://www.mid-day.com/mumbai/mumbai-news/article/breaking-rbi-halts-new-india-co-operative-bank-operations-depositors-face-uncertainty-23483388" target="_blank" rel="none noopener"><strong>New India Co-operative Bank</strong></a> have been left in shock and uncertainty after the Reserve Bank of India (RBI) issued strict restrictions on the bank's financial operations. The decision, which came into effect on 13 February 2025, bars the bank from granting loans, accepting new deposits, making investments, or disbursing any payments without prior approval from the RBI.</p>
<p>On Friday, the Reserve Bank of India (RBI) superseded the board for a year, and appointed, a former chief general manager of State Bank of India (SBI) as Administrator' to manage affairs.</p>
<p>It has also appointed a Committee of Advisors' to assist the Administrator in discharging his duties.</p>
<p>The issue pertains to misappropriation of funds by some staff members of the bank, they said, without revealing the overall amount or the identities of the people involved.</p>
<p>The RBI had on Thursday prohibited the bank from issuing new loans and suspended deposit withdrawals, and followed it up by superseding the <strong><a href="https://www.mid-day.com/mumbai/mumbai-news/article/rbi-restrictions-on-new-india-co-operative-bank-all-our-savings-stuck-in-this-bank-23483904" target="_blank" rel="none noopener">bank's board</a></strong> for mismanagement on Friday.</p>
<p>On Thursday, the RBI had imposed several restrictions on the lender including on withdrawal of funds by depositors, amid supervisory concerns.</p>
<p>The restrictions came into force from the close of business on Thursday and would remain in force for a period of six months and are subject to review.</p><p>
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Mumbai Police’s Economic Offense Wing (EOW) has launched an investigation into alleged irregularities at New India Cooperative Bank, official sources said

Mumbai Police’s EOW begins investigation in New India Cooperative Bank `irregularities`

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The EOW is trying to understand what went wrong and where the alleged discrepancies occurred, sources said

Mumbai: EOW begins investigation in New India Cooperative Bank 'irregularities'

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